Singapore's Temasek (sovereign wealth fund) now owns just under 10% of US investment house Merrill Lynch, after the credit crunch.
BlackRock's client base includes corporate, public, union and industry pension plans; insurance companies; third-party mutual funds; endowments; foundations; charities; corporations; official institutions; banks; and individuals worldwide. BlackRock is independent in ownership and governance, with no single majority stockholder and a majority of independent directors. In terms of equity ownership, Merrill Lynch's stake is approximately 49%, while The PNC Financial Services Group retains an interest of about 34%; the remaining 17% is held by BlackRock employees and public shareholders.
According to Smart Investor September 2008, Black Rock was formerly Merrill Lynch Investment Management. The Black Rock Balanced Fund
transports alpha outperformance onto beta benchmarks. It entails extensive use of derivatives. Managing Director Maurice O'Shannassy says alpha transport requires stringent risk management systems. He says you need that risk management to be able to implement the structure, that they are one of the first to to do alpha transport, and that you need really sophisticated systems to do it well. The fund has an exposure to asset allocation strategies via a Black Rock asset allocation fund.
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